Catena

Financial Adviser

Kempen & Co acted as Financial Adviser of Catena in the directed share issue to WDP, raising gross proceeds of c. SEK 2,169m and forging a new long-term and strategic partnership

Transaction highlights

WDP, through a wholly-owned subsidiary, subscribed to a directed issue of 4,122,676 shares in Catena, obtaining 9.09% of the shares and voting rights in Catena
Through the directed share issue, the two parties forge a strategic cooperation to enlarge their geographical coverage to clients, stimulate client integration and share knowhow in pursuit of improved competitive positions
The price was SEK 526.00 per share, which represents a premium of 10bps compared to the latest closing price of SEK 525.50, resulting in SEK 2,168.5m or €206.7m in gross proceeds for Catena
Catena intends to use the net proceeds to finance investments in property acquisitions, in accordance with recently announced acquisitions, and property development projects whilst maintaining the Catena’s stable capital structure
WDP envisages a stake of 10% of the shares and voting rights in Catena in the foreseeable future
Subject to decision by the Catena AGM, WDP will obtain a Board seat in Catena, allowing Mr. Joost Uwents, CEO of WDP, to be elected as new ordinary Board member
Kempen & Co acted as financial adviser to Catena

Company description

About Catena

Catena is a listed logistics real estate company with strategically located properties supplying the Scandinavian metropolitan areas
As of 31 December 2021, the properties had a total value of SEK 23.4b
Catena is listed on NASDAQ Stockholm, Large Cap, with a market capitalisation of c. SEK 21.7b as per 28 March 2022

About WDP

WDP develops, invests and leases storage and distribution space for its own account and always maintains a long-term perspective
WDP's property portfolio amounts to around 6 million m² of logistics assets with a fair value of circa €6.0b as of 31 December 2021 and is spread over more than 250 sites at prime logistics locations in Belgium, France, the Netherlands, Luxembourg, Germany and Romania
WDP is listed on Euronext Brussels with a market capitalisation of €7.0b as per 28 March 2022

Kempen & Co Real Estate credentials

Kempen & Co has advised on more than €125b real estate transactions across 15 different countries in Europe
This transaction underpins our leading position in the European logistics real estate sector, following successful transactions including the €1,226m public take-over of Deutsche Industrie REIT by CTP in 2022, the €330m (non-listed) equity raise for Aquila Capital Southern European Logistics Fund in 2022, SEK 1.08b (listed) equity raise for Catena in 2021, €480m (listed) equity raises for Tritax EuroBox in 2021, the €948m Initial Public Offering of CTP in 2021, a €200m (listed) equity raise for WDP in 2021 and the €100m (non-listed) equity raise for the Gateway Fund of Cairn Real Estate in 2020